The Great Slump of 2008–9 and Ukraine's integration with the European Union

For a number of years following the Orange revolution of 2004, Ukraine aspired to join the European Union. Although full integration was never a short-term prospect, European integration, through the Association Agreement and the Deep and Comprehensive Free Trade Area, offers considerable benefits to Ukraine. However, the country was severely affected by the Great Slump of 2008–9 in the global economy, and this profoundly negative experience has shaped Ukrainian domestic and foreign policy in the subsequent period, putting paid to aspirations to EU membership and influencing the Ukrainian government's decision to seek a closer relationship with Russia immediately following the presidential election of 2010. Nevertheless, closer relations with Russia should not adversely affect Ukraine's efforts at EU integration.